Bill Bartmann Discusses Bank Failures and Bad Debts in Book, Bailout Riches

Nov. 4, 2009 - PRLog -- Tulsa, OK – Bill Bartmann was recently interviewed; he discussed bank failures.  “This is the worst banking crisis we have seen in over twenty years,” said Bartmann.  With the government announcing the collapse of another bank, nearly every week, we have to appreciate the FDIC for protecting depositors.

According to Bill Bartmann, banks will continue to fail, costing the FDIC nearly $70 billion through the year 2013.  Even though banks are closing nearly every week, the process is quite lengthly.  Bill Bartmann knew about the recent Colonial Bank failure nearly three months before it was announced.  “We were offered an opportunity to look at the assets and kick the tires on this used car.  We passed on it because it didn’t fit our appetite,” said Bartmann.  During the S&L crisis in the late 1980s, Bill Bartmann began his debt collection business and bought assets from more than 800 failed banks.

Once a bank closing is announced, usually on a Friday, a lot goes on over the weekend to ensure customers have access to their accounts on Monday morning.  The FDIC works with the institution, familiarizing themselves with the bank’s operations and working with employees to ensure their pay and benefits. “The customer in most cases sees it as a seamless transition, said Bill Bartmann.  The next day the customer can go to the bank and his deposits are safe and exactly where they were the day before.”

Since the FDIC was formed 75 years ago, no depositor has lost money on insured deposits.  The agency recently increased their insurance to cover amounts up to $250,000.  “That’s a remarkable history given the chaos our country has been through,” said Bartmann.  Read Bill Bartmann’s complete article at http://billbartmann.blogspot.com/2009/11/bill-bartmann-in...

Bill Bartmann expects to see many more banks fail as commercial real estate loans default and local shops we drive by every day go under.  Bill Bartmann is the author of Bailout Riches:  How Everyday Investors Can Make a Fortune Buying Bad Loans for Pennies on the Dollar.  The book recently became an Amazon #1 world-wide best-seller.  Learn more about Bill Bartmann and his book, Bailout Riches, at http://www.roadtomajorwealth.com

Contact:

Bill Bartmann
8556-C E 101st Street
Tulsa, OK  74133
918-388-3328
bill@billbartmann.com


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